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Financial News: Czech Industrial Production Falls More Than Forecast

Czech Industrial Production Falls More Than Forecast

06/06/2022 - 04:42:00 (RTTNews)

(RTTNews) - The Czech industrial production declined at a faster-than-expected pace in April, due to falls in manufacturing and utility output, data from the Czech Statistical Office revealed on Monday.

Industrial production decreased a working-day-adjusted 3.8 percent year-over-year in April, faster than the 1.3 percent drop in March.

This was the third consecutive month of fall. Economists had expected a 1.8 percent contraction for April.

Manufacturing output fell 4.0 percent in April compared to last year and that of electricity, gas, steam and air conditioning supply logged a decline of 2.7 percent.

Meanwhile, the mining and quarrying sector managed to produce a modest output growth of 0.1 percent.

On a monthly basis, industrial production dropped a seasonally adjusted 0.8 percent in April.

Data also showed that the value of new orders registered an annual increase of 3.1 percent.

Another report released by the statistical office revealed that construction output grew 4.0 percent in April, slower than the previous month's 8.8 percent surge. Construction production has been increasing since May 2021.

Compared to the previous month, construction output dropped 1.9 percent at the start of the second quarter.

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